Asia's Financial Wellness Startup wagely Secures USD 23 Mn Led by Capria Ventures wagely seeks to improve financial wellness in Southeast Asia, marking a strategic growth in EWA services.
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Asia's financial wellness platform wagely has announced the raising of USD 23 million in new funding in a combined equity and debt financing round led by Capria Ventures, a Global South specialist venture capital firm investing in applied Generative AI.
A large private debt fund has also made a sizable contribution to the round, which will help wagely extend its core EWA service into Bangladesh and Indonesia.
Established in 2020, wagely's financial wellness platform enables employees to handle their money more wisely by providing them with access to their pay at the end of each workday. Employers are given free access to it, and employees can choose to get it as an optional benefit. Pioneering this concept in both Indonesia and Bangladesh, wagely also allows users to track their salary and access financial literacy resources, empowering workers to not only mitigate financial stress but to move closer to financial freedom.
The startup claims that in 2023 alone, it has disbursed over USD 25 million in salaries, processing close to one million transactions and being accessible by 500,000 workers, positioning it the leading financial wellness service in the region poised for continuous growth.
Dave Richards, Managing Partner, Capria Ventures, said, "The wagely team has demonstrated excellent execution with impressive growth in providing a sustainable and win-win financial solution for underserved blue-collar workers and employers. We see a huge opportunity for wagely to apply Generative AI across multiple use cases, such as automated document processing and local language conversational interfaces for workers to make better financial decisions."
